Spot Bitcoin ETFs Experience Significant Outflows
In a notable shift within the cryptocurrency markets, the United States' spot Bitcoin exchange-traded funds (ETFs) recorded net outflows totalling $52.83 million on September 18. This marked an end to a streak of four consecutive days of net inflows that had attracted over $500 million.
The most significant outflows were from ARK 21Shares’ ARKB, which saw $43.4 million exit the fund. Meanwhile, Grayscale's GBTC and Bitwise's BITB reported additional outflows of $8.1 million and $3.9 million, respectively.
Interestingly, the Grayscale Bitcoin Mini Trust was the sole spot BTC fund to register inflows on that day, bringing in $2.7 million. BlackRock’s IBIT and other spot BTC ETFs remained neutral, without significant inflows or outflows.
The overall trading volume for these investment products experienced a substantial decline, dropping 28% from $2.27 billion on September 17 to $1.63 billion on the following day. Despite these fluctuations, these funds have accumulated a total net inflow of $17.44 billion since their inception.
Meanwhile, Bitcoin (BTC) itself saw a 3% increase in value over the past 24 hours, reaching $62,109. This price surge coincided with the Federal Open Market Committee's decision to reduce interest rates by 50 basis points, a move that often enhances the appeal of riskier assets like Bitcoin, driving its price upward.
Spot Ether ETFs Record Continued Outflows
Similarly, the market for spot Ethereum ETFs continued to demonstrate volatility. On September 18, the nine U.S.-based spot Ether ETFs reported net outflows of $9.74 million, marking the third consecutive day of such outflows. The entirety of these outflows originated from Grayscale's ETHE, which saw $14.7 million exit its fund.
In contrast, BlackRock's ETHA registered inflows of $4.9 million, somewhat compensating for the outflows. The other seven ETH ETFs remained neutral on the day.
The trading volume for these Ether-focused investment vehicles increased to $221.88 million, up from $176.26 million the previous day. Overall, spot Ether ETFs have faced a cumulative net outflow of $615.58 million to date. In parallel, Ethereum (ETH) rose by 4.8%, trading at $2,438 at the time of publication.
The movements in these digital assets and their respective ETFs underscore the dynamic nature of the decentralized finance (DeFi) landscape, influenced heavily by broader economic policies and market sentiment.
